Indiana Trust & Investment Management Co Increases Holdings in Salesforce, Inc. (NYSE:CRM)

Indiana Trust & Investment Management Co increased its position in shares of Salesforce, Inc. (NYSE:CRM) by 6.8% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 1,158 shares of the CRM provider’s stock after purchasing an additional 74 shares during the quarter. Indiana Trust & Investment Management Co’s holdings in Salesforce were worth $317,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently bought and sold shares of the company. Creekmur Asset Management LLC purchased a new position in shares of Salesforce during the 4th quarter worth approximately $35,000. Kapitalo Investimentos Ltda acquired a new stake in shares of Salesforce during the fourth quarter valued at $51,000. Ferguson Wellman Capital Management Inc. boosted its stake in shares of Salesforce by 11.8% during the first quarter. Ferguson Wellman Capital Management Inc. now owns 1,311 shares of the CRM provider’s stock valued at $395,000 after acquiring an additional 138 shares during the last quarter. Foster Group Inc. purchased a new stake in Salesforce during the 1st quarter worth about $296,000. Finally, Montecito Bank & Trust raised its stake in Salesforce by 57.5% in the 1st quarter. Montecito Bank & Trust now owns 2,004 shares of the CRM provider’s stock valued at $604,000 after purchasing an additional 732 shares during the last quarter. 80.43% of the stock is currently owned by hedge funds and other institutional investors.

Salesforce Stock Performance

Salesforce stock traded up $0.90 during mid-day trading on Wednesday, reaching $289.25. The company’s stock had a trading volume of 1,215,807 shares, compared to its average volume of 6,437,150. The firm has a market cap of $280.28 billion, a price-to-earnings ratio of 51.65, a PEG ratio of 2.61 and a beta of 1.30. Salesforce, Inc. has a twelve month low of $193.68 and a twelve month high of $318.71. The business has a 50 day moving average price of $263.98 and a 200-day moving average price of $263.46. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.15.

Salesforce (NYSE:CRM) last announced its quarterly earnings data on Wednesday, August 28th. The CRM provider reported $2.56 earnings per share for the quarter, beating analysts’ consensus estimates of $2.36 by $0.20. Salesforce had a net margin of 15.44% and a return on equity of 12.01%. The business had revenue of $9.33 billion during the quarter, compared to the consensus estimate of $9.22 billion. During the same quarter in the prior year, the firm earned $1.63 EPS. The company’s revenue for the quarter was up 8.5% compared to the same quarter last year. Sell-side analysts predict that Salesforce, Inc. will post 7.55 EPS for the current fiscal year.

Salesforce Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 8th. Stockholders of record on Wednesday, September 18th were given a dividend of $0.40 per share. The ex-dividend date was Wednesday, September 18th. This represents a $1.60 annualized dividend and a dividend yield of 0.55%. Salesforce’s dividend payout ratio is currently 28.78%.

Analyst Ratings Changes

A number of equities research analysts have recently commented on the stock. BMO Capital Markets lifted their price target on shares of Salesforce from $265.00 to $305.00 and gave the stock an “outperform” rating in a report on Thursday, August 29th. Sanford C. Bernstein increased their target price on Salesforce from $234.00 to $236.00 and gave the stock an “outperform” rating in a research report on Thursday, August 29th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $300.00 price objective on shares of Salesforce in a research note on Thursday, September 19th. Citigroup raised their target price on shares of Salesforce from $260.00 to $290.00 and gave the stock a “neutral” rating in a research report on Monday, August 26th. Finally, Truist Financial reaffirmed a “buy” rating and set a $315.00 price target (up previously from $300.00) on shares of Salesforce in a research report on Thursday, September 19th. Nine analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and four have assigned a strong buy rating to the company. According to MarketBeat, Salesforce currently has an average rating of “Moderate Buy” and a consensus target price of $310.74.

Insider Activity at Salesforce

In other Salesforce news, CAO Sundeep G. Reddy sold 413 shares of the company’s stock in a transaction dated Tuesday, July 23rd. The shares were sold at an average price of $255.78, for a total value of $105,637.14. Following the completion of the transaction, the chief accounting officer now owns 6,431 shares in the company, valued at approximately $1,644,921.18. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Salesforce news, CFO Amy E. Weaver sold 897 shares of the business’s stock in a transaction dated Tuesday, July 23rd. The shares were sold at an average price of $255.78, for a total transaction of $229,434.66. Following the sale, the chief financial officer now directly owns 51,109 shares in the company, valued at approximately $13,072,660.02. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Sundeep G. Reddy sold 413 shares of the company’s stock in a transaction that occurred on Tuesday, July 23rd. The stock was sold at an average price of $255.78, for a total transaction of $105,637.14. Following the completion of the sale, the chief accounting officer now directly owns 6,431 shares of the company’s stock, valued at approximately $1,644,921.18. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 76,412 shares of company stock worth $20,212,507 in the last ninety days. 3.20% of the stock is owned by insiders.

Salesforce Company Profile

Salesforce, Inc provides Customer Relationship Management (CRM) technology that brings companies and customers together worldwide. The company's service includes sales to store data, monitor leads and progress, forecast opportunities, gain insights through analytics and artificial intelligence, and deliver quotes, contracts, and invoices; and service that enables companies to deliver trusted and highly personalized customer support at scale.